ST Barbara’s Simberi operation in New Ireland has been profitable since December 2014 when it started.
It had targeted a 100,000 ounce per annum production rate.
Managing director and chief executive officer Bob Vassie stated in the six-month report to December 2015 that the mine produced 107,553 ounces of gold in 2015.
It plans to produce between 100,000 and 110,000 ounces in 2016.
“The exploration lease (EL609) covering the Tabar Island group (which includes Simberi Island) is highly prospective,” he said.
He said the pre-feasibility study for the Simberi Sulphide Project was due to be completed in April this year.
“A key remaining input to the study is an independent review of the resource,” he said.
Vassie said a progress report on the study indicated that the sulphide project would extend the existing oxide mine life at Simberi (currently about three years) by producing up to an additional one million ounces of gold in concentrate over a further seven years.
“An optimised mine plan for the Simberi Sulphide Project will require a phased cut-over from current oxide mining, as some parts of the existing oxide reserve are contained within the Sulphide Project pit shell, and would continue to be processed to generate gold doré.
“It is proposed that the Sulphide Project would use the existing infrastructure on Simberi Island, including the airport, power station, village, and wharf.”
It declared a statutory profit-after-tax of AU$77 million (K166 million) for the six months to December 31,
It had targeted a 100,000 ounce per annum production rate.
Managing director and chief executive officer Bob Vassie stated in the six-month report to December 2015 that the mine produced 107,553 ounces of gold in 2015.
It plans to produce between 100,000 and 110,000 ounces in 2016.
“The exploration lease (EL609) covering the Tabar Island group (which includes Simberi Island) is highly prospective,” he said.
He said the pre-feasibility study for the Simberi Sulphide Project was due to be completed in April this year.
“A key remaining input to the study is an independent review of the resource,” he said.
Vassie said a progress report on the study indicated that the sulphide project would extend the existing oxide mine life at Simberi (currently about three years) by producing up to an additional one million ounces of gold in concentrate over a further seven years.
“An optimised mine plan for the Simberi Sulphide Project will require a phased cut-over from current oxide mining, as some parts of the existing oxide reserve are contained within the Sulphide Project pit shell, and would continue to be processed to generate gold doré.
“It is proposed that the Sulphide Project would use the existing infrastructure on Simberi Island, including the airport, power station, village, and wharf.”
It declared a statutory profit-after-tax of AU$77 million (K166 million) for the six months to December 31,
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